Sunday, December 18, 2016

NOC jacks up petroleum prices

Nepal Oil Corporation (NOC) jacked up the price of petrol, diesel and kerosene tday ociting rise of price of the crude oil in the international market.
The NOC board meeting decided to increase Rs 4.50 per liter on petrol, diesel and kerosene with effect from late evening Sunday, said NOC spokesperson Bhanubhakta Khanal. "NOC has however not increased price of cooking gas and aviation fuel."
After the increment, the price of petrol per liter is now Rs 101.50, and diesel and kerosene is Rs 77.50, he said, adding that the state oil monopoly has hiked the price after the Indian Oil Corporation (IOC) – the only supplier of petroleum products to the NOC – has increased its rate. "The NOC has been forced to hike price also in view of the trade along the Nepal-India bordering areas. The increased rate will also bring down price gap of petroleum products in the southern border areas."
Petrol and diesel prices are cheaper in Nepal compared to India. "The price gap has helped the fuel to outflow," Khanal added.
However, it is the duty and responsibility of the customs and Armed Police Force (APF) – deployed along Nepal-India border – to control the diesel and petrol smuggling due to price gap.

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